Updated 3 months ago on . Most recent reply
Help with Rehab Funding
Hello,
I own a home in the Westview neighborhood of Atlanta, Georgia. I am looking for a loan to help complete renovations for long term rental of the property. I have experienced financial hardships after the death of my son and poor contractor services; thus my credit is not the best, and I have 1 late mortgage payment (September 25) in all the 5 years I have owned the home, however I can't apply for the equity line of credit because I have to wait 1 year due to the late payment and get my score up and I have a first mortgage with an interest of 2.85%, so I don't want to refinance or seek a 1st position loan. The World Cup is coming to Atlanta in June and there is significant development on the Atlanta Belt Line (Enota Park) in my neighborhood is slated to open in June 2026. I'm 2 blocks from the Atlanta Beltline, so I'm desperate to get this project completed. I purchased the home in 2020 for $215K and still owe $183K. I will have considerable equity in the home, homes in the neighborhood have sold for $375-450K. I'm seeking $60K to complete the remaining renovations. I have a detailed scope of work remaining. If anyone has information on possible lenders that would be willing to work with me, I would greatly appreciate it. Thanks.